Exxon defends dividend after first annual loss in decades
Kevin Crowley, Bloomberg News VIDEO SIGN OUT
Exxon Mobil Corp. pledged to safeguard its mammoth dividend after posting its first annual loss in at least 40 years, a show of defiance by an oil driller besieged by activist investors, lawmakers and climate-change campaigners.
Exxon assured investors of its financial health in a world of US$50-a-barrel oil and promised that if crude were to dip to US$45 it would sacrifice spending in the name of dividends. The Western worldâs largest oil explorer has so far avoided the sort of payout cuts adopted by rivals Royal Dutch Shell Plc and BP Plc.
Exxon Defends Dividend After First Annual Loss in Decades
Bloomberg 2/2/2021 Kevin Crowley and Javier Blas
(Bloomberg) Exxon Mobil Corp. pledged to safeguard the S&P 500 Index’s third-largest dividend after posting its first annual loss in at least 40 years, a show of defiance by an oil driller besieged by activist investors and climate-change campaigners.
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Exxon assured investors of its financial health in a world of $50-a-barrel oil and promised that if crude were to dip to $45 it would sacrifice spending in the name of dividends. The Western world’s largest oil explorer has increased the payout each year since 1972, unlike rivals Royal Dutch Shell Plc and BP Plc that cut distributions last year.
Exxon declines after report of SEC probe into Permian valuation bnnbloomberg.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bnnbloomberg.ca Daily Mail and Mail on Sunday newspapers.
Exxon Mobil Corp. slumped after a newspaper report said the company is being investigated by the U.S. Securities and Exchange Commission for allegedly overvaluing a key asset in the Permian Basin.
by Bloomberg
|Monday, January 11, 2021
Carlos Slim and his family have accumulated stakes worth $230 million in oil refiner PBF Energy Inc. and pipeline operator PBF Logistics LP.
(Bloomberg) Carlos Slim and his family have accumulated stakes worth $230 million in oil refiner PBF Energy Inc. and pipeline operator PBF Logistics LP, continuing to snap up stock even as the shares have slumped.
The family investment vehicle, Control Empresarial de Capitales, is now PBF Energy’s largest shareholder and the second-biggest in PBF Logistics.
They emerged as investors in the companies in 2017 and added about $70 million in 2020, with the bulk of the purchases following the outbreak of the Covid-19 pandemic, data compiled by Bloomberg shows.